Kodak Seeks Green Light On $650M Imaging Biz Spinoff

Law360, New York (May 16, 2013, 6:46 PM EDT) -- Eastman Kodak Co. asked a New York bankruptcy court Wednesday to approve a $650 million spinoff of its document imaging business to its largest creditor U.K. Kodak Pension Plan, a key settlement resolving $2.8 billion in claims and pushing the company a step closer to a Chapter 11 exit.

The proposed deal, which was first announced last month, is for a higher sum than the $210 million stalking horse bid offered by Brother Industries Ltd. and would see Kodak's personalized imaging and document imaging businesses controlled...